{"id":51970,"date":"2026-06-01T20:41:32","date_gmt":"2026-06-02T00:41:32","guid":{"rendered":"https:\/\/prefblog.com\/?p=51970"},"modified":"2026-06-01T20:41:32","modified_gmt":"2026-06-02T00:41:32","slug":"bpo-pr-n-to-reset-to-6-206","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51970","title":{"rendered":"BPO.PR.N To Reset To 6.206%"},"content":{"rendered":"

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P. has announced<\/a>:<\/p>\n

the reset dividend rate on its Class AAA Preference Shares, Series N (\u201cSeries N Shares\u201d) (TSX: BPO.PR.N).<\/p>\n

Series N Shares<\/p>\n

If declared, the fixed quarterly dividends on the Series N Shares for the five years commencing July 1, 2026 and ending June 30, 2031 will be paid at an annual rate of 6.2060% ($0.387875 per share per quarter).<\/p>\n

Holders of Series N Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on June 15, 2026, to convert all or part of their Series N Shares, on a one-for-one basis, into Class AAA Preference Shares, Series O (the \u201cSeries O Shares\u201d), effective June 30, 2026.<\/p>\n

The quarterly floating rate dividends on the Series O Shares have an annual rate, calculated for each quarter, of 3.07% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the July 1, 2026 to September 30, 2026 dividend period for the Series O Shares will be 1.358580% (5.39% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.339645 per share, payable on September 30, 2026.<\/p>\n

Holders of Series N Shares are not required to elect to convert all or any part of their Series N Shares into Series O Shares.<\/p>\n

As provided in the share conditions of the Series N Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series N Shares outstanding after June 30, 2026, all remaining Series N Shares will be automatically converted into Series O Shares on a one-for-one basis effective June 30, 2026; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series O Shares outstanding after June 30, 2026, no Series N Shares will be permitted to be converted into Series O Shares. There are currently 10,875,438 Series N Shares outstanding.<\/p>\n

The Toronto Stock Exchange (\u201cTSX\u201d) has conditionally approved the listing of the Series O Shares effective upon conversion. Listing of the Series O Shares is subject to Brookfield fulfilling all the listing requirements of the TSX and, upon approval, the Series O Shares will be listed on the TSX under the trading symbol \u201cBPO.PR.O\u201d.<\/p><\/blockquote>\n

BPO.PR.N was issued a FixedReset 6.15%+307, that commenced trading 2010-1-20<\/a> after being announced 2010-1-11<\/a>. The issue attracted some unfavourable comment<\/a> on issue due to the relatively long call lock-out period – which shows complete misunderstanding of the investment impact of an issuer call option, but we’ll ignore that. The issue reset to 3.782%<\/a> in 2016; I recommended against conversion<\/a> and there was no conversion<\/a>.The issue reset to 4.007%<\/a> in 2021, with no conversion. It is tracked by HIMIPref™ but relegated to the Scraps – FixedReset (Discount) subindex on credit concerns. <\/p>\n","protected":false},"excerpt":{"rendered":"

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P. has announced: the reset dividend rate on its Class AAA Preference Shares, Series N (\u201cSeries N Shares\u201d) (TSX: BPO.PR.N). Series N Shares If declared, …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-51970","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51970"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51970\/revisions"}],"predecessor-version":[{"id":51971,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51970\/revisions\/51971"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}